Assembling your home-buying team

Most of you would agree that meeting the love of your life is a monumental event. From observing my clients over the last 30 years, I’d argue that falling in love with a home runs a close second. Walking into a new home or model and feeling your pulse quicken is a magical sensation. When you feel a strong personal connection with a certain place, you won’t sleep until it’s yours.

It may seem strange that such a personal experience involves working with so many other people. But when you’re making the biggest financial investment of your life, it’s always wise to depend on the advice and expertise of professionals. Depending on your personal circumstances, you may consider consulting with the following:

• Mortgage Specialist: Ideally, you will have met with a mortgage broker or mortgage specialist from your bank or lending institution prior to beginning your home hunt. Understanding how much money you have to work with is an excellent first step to narrowing your search, and obtaining a pre-approved mortgage can save both time and grief in the long run.

• Realtor: While it’s possible to purchase a new home without the assistance of a realtor, there are several benefits – and no drawbacks – to having a real estate professional in your court. Realtors understand the market better than anyone else, and can provide terrific insights on neighbourhoods, investment values and negotiating with a builder. Best of all, there’s no cost associated with hiring a realtor to purchase a home.

• Real Estate Lawyer: This is an absolute must. A good lawyer will walk you through the paperwork, explain fees and protect you from real estate fraud.

• Home Inspector: Because new homes in Ontario are covered under the Tarion Warranty, and because a pre-delivery inspection with the builder is part of the new-home buying process, many purchasers of new homes choose not to hire a home inspector.

However, I often encourage my clients to spend the few hundred dollars it costs to ensure that their new home has been built to code.

Most homebuyers are smart cookies. But, in matters of love, the heart rules the head. That’s why, when it comes to buying a home, it pays to have professionals do some of the thinking for you.

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